Analysis of American Potential Benefits At the Back of Considerable Sino-American Trade Deficit
|
|
- Marsha Sutton
- 5 years ago
- Views:
Transcription
1 International Journal of Business and Management December, 2008 Analysis of American Potential Benefits At the Back of Considerable Sino-American Trade Deficit Peng Luo College of Economics & Management, Dalian University Dalian , China Tel: Abstract The paper investigates reasons why there are large gaps in foreign trade statistics between China and America. Different statistic calibers, neglect of transit trade and transit added value, processing trade and industry transference, American increased direct investments in China, American multinational companies operation in China and the adoption of export control policy to China have done great deal in this. Through analysis, finally we find that US has obtained great benefits at the back of trade deficits. It has become a powerful weapon to open Chinese market. Keywords: Trade deficit, Processing trade, Export control policy 1. Introduction The problem of unbalanced Sino-America trade has aroused extensive world attention recently. According to Chinese statistics, the US trade deficit to China begins from 1993 with 6.3 billion US dollars. In 2007, that amount reaches billion US dollars. Till the first seven months of 2008, that amount has already reaches 91.7 billion US dollars. But according to the US statistics, US trade deficit to China begins from 1983 with a 0.3 billion US dollars. In 2007, the amount is US dollars and in the first seven months of 2008, the amount is billion US dollars. (See table 1) In 2000, China has become the largest trade deficit country with US instead of Japan and is the largest origin of American trade deficit. Data resource: Chinese data comes from Ministry of Commerce of PRC, American data comes from Ministry of Commerce of USA, Statistic differences between two countries are to be found a normal phenomenon if view the present situation and history of economy and trade of every two countries. But such large statistic gaps between China and America are seldom seen. What is the reason? Has America really lost great deal of benefits in Sino-American trade? How shall we relieve the unbalanced contradiction of Sino-American trade? 2. To view the problem of unbalanced Sino-American trade objectively 2.1 There are statistic caliber differences between China and America In statistic principle and method, China uses CIF price to calculate total volume of import goods and FOB price for export while America uses Customs value, which is the value according to the market price of export country estimated by US Customs, to calculate the total volume of import goods and FAS price for export. The export volume in FAS price is about 7% lower than that in FOB price due to the delivery charges from dock to ship. In this way, America reduces the export and enlarges the import volume to a certain extent In statistic scope, America uses overall trade system and frontier is the statistic boundary by which the goods imported into America and stored in free trade zone and bonded warehouse are to be listed while China adopts specialized trade system using Customs boundary as statistic boundary and the goods stored in the bonded warehouse are not to be listed. This brings about the result of larger American statistic scopes than China and increases the US trade deficits America carries out its trade statistic according to origin principle which means the nation of goods is justified by the original producing place, which is the manufacturing place, producing place or processing place where substantial changes take place. But till now, there aren t any uniform implementing rules around the world. The American methods in confirming the origin of goods lead to statistic differences on both sides. 2.2 America neglects transit trade and transit added value About import In American statistics, the import value is over-estimated because of the neglect of transit trade and transit added value. 25
2 Vol. 3, No. 12 International Journal of Business and Management A very large part of Sino-American trade is transit trade via the third party. According to Chinese statistics, 60% of Chinese export to America is transported via Hong Kong and other countries or regions. But according to analysis of American statistics, only 20% of Chinese goods are delivered to America directly; the other 80% is transported through the third party. The added value of goods in the third party after leaving China obviously can not be listed as Chinese export. The conclusion made by US-China Joint Commission on Commerce and Trade is that the average appreciation rate of goods exported from China mainland to America via Hong Kong is as high as 40.7% which is much higher than that in usual circumstances and the appreciation rates of some major transit goods such as toys and clothes even reach and beyond 100% About export In American statistics, the export value is under-estimated because of the neglect of transit trade. According to the analysis of expert of US-China Joint Commission on Commerce and Trade, in US export statistics, the transit trade via HK accounts for about a quarter of HK s statistics. 2.3 Processing trade and industry transference play an important role Chinese trade surplus mainly comes from processing trade and the major section of export is from foreign-funded enterprises. Processing trade is one of the most important factors in the increasing process of Chinese export trade and has reaches as high as 70% of total export volume to America. The actual service income China gets finally accounts for only a small percentage if deduct the material cost and delivery management fee. It apparently does not tally with the realities if the final import price from China is viewed as entire export to America. One of the reasons why Chinese processing trade develops so fast is that countries or regions like USA, Japan, HK and Taiwan adopt the industry transfer policy in order to reduce the producing cost. Along with the transfer of labor-intensive industry of Asia-Pacific countries and regions to China, China has increasingly turned into the principle manufacture base of labor-intensive products and has accordingly occupied dominant position in Chinese export product structure. In the past 20 years or so, countries and regions as Japan, Korea, HK, Taiwan, Singapore and others have always been the primary suppliers of American labor-intensive products. Now China is accepting the industry transferred from these countries and regions and at the same time inherits their shares of American market to a large extent. According to the data announced publicly by USA Department of Commerce, American trade deficit with China has been sharply increased from 2.8 billion US dollars in 1987 to 33.8 billion US dollars in 1995, but synchronous deficit to Korea, Singapore and Taiwan dropped from 34 billion US dollars to 7.8 billion US dollars. 2.4 American enterprises increase their direct investments in China In face of fierce international competition, more and more American multinational corporations are regarding China as their export terrace. Among the American top 500 enterprises, there have been already over 400 which invest directly in China. These include major industries as machinery, metal, oil, electron, communication, chemistry, textile, light industry, food, agriculture, medicine, finance, insurance etc. Most of those already-ingoing enterprises are of import substitution type with a primary investing purpose of occupying Chinese market. Bearing such strong characters of import substitution, the investments of these enterprises are doomed to reduce Chinese import from America which leads to large Sino-American trade deficits. 2.5 A large part of Chinese export to America comes from American companies operated in China America carries out optimal allocation system of production factors around the world by transferring those production and manufacturing links of low added value to China with a purpose of taking advantages of Chinese cheap labors in processing and then re-import to America. Statistics show that over half of the increased volumes of Sino-American trade are achieved by American enterprises located in China, many of whom are members of American manufacture association. Dell computer, Wal-mart, Motorola and Texas Instruments Company are all the leading export companies to America and Wal-mart itself accounts for over one seventh of Chinese total export volume to America. 2.6 America adopts export control to China For the past many years, America adopted discriminatory export control policy to China which is the principle barrier restricting American export to China. It has exerted profound influences on bilateral trade. American Export Control Regulations divides all countries (except Canada) into 7 groups. From strict to loose, they are Z, S, Y, W, Q, T and V-group accordingly. China was listed in Y-group in 1949 when the new state was established. After the Korean War broke out, the US Commerce Department listed China in Z-group which meant totally prohibitive. Along with the recovery of Sino-American foreign relations in 1979, the American government released the technology restrictions to China and set up a P-group for China exclusively in 1980 in order to show difference with the former Soviet Union. In 1983, Reagan-administration downgraded China to V-group again. But in American policy making and implementation, there are still many discriminatory regulations which do not let China enjoy the real treatment of V-group countries. The Sino-American relationship came into dismal state after June American government stopped the discussion 26
3 International Journal of Business and Management December, 2008 of releasing export control policy to China. Since 1990s the American government made a new series of sanction arrangements to China which included many export control items and made Sino-American economic and trade relationship suffered serious consequences. Especially after George W. Bush came into power, facing the daily-increasing trade deficit with China, the government adopted a much more strict policy restricting American high-tech products exported to China. Since then new changes have taken place in Sino-American balanced trade relationship and American trade surplus have changed into deficit step by step. A research made by international economy research institute in Washington shows that US loses export opportunities of as much as 3.5 to 13.5 billion US dollars to China every year due to export control policy in Chinese market. 3. American benefits at the back of trade deficits 3.1 Analysis on American benefits among the trade deficits from the point of Sino-US import-export product structure Sino-American trade deficit is virtually a kind of compensatory trade deficit. From the imported commodities point of view, America mainly imports labor-intensive commodities as textiles, clothes, shoes, toys and household appliance etc. from China which reflects Chinese competitive advantages of labor-intensive commodities in international market. Recently Chinese high-tech products export volume has been increasing, but the processing is the main method and accounts for more than 90% with only less than 10% in ordinary trade method Be good to the adjustment of American economic structure Most of Chinese commodities exported to America come from those industries in which no commodities are produced in America. Chinese labor-intensive export products to America do not affect American industrial production and employment and do not scramble for the international market share of American products as well. It is a kind of beneficial supplement to American economic structure and is good to the adjustment of American economic structure These cheap imported commodities not only satisfy the domestic demands but also are good to restraining inflation. Chinese products are both cheap in price and of high quality which are helpful in restraining American inflation and can bring substantial benefits to numerous consumers. If imported from other countries, American consumers will spend 20 billion US dollars more for the commodities as clothes, shoes, toys and electrical appliance etc. At the same time, America mainly exports high-tech and monopolistic products and China mainly exports products with low added value. According to the principle of international price scissors, considerable profits flow into America The entering of Chinese cheap products in large quantities into America causes American consumers to save large amount expenditure to deposit or invest and this plays an active role in US economic development. 3.2 Reconsider American trade deficit combining the benefits of distribution patterns of international division of labor China, with rapid development of economy, has become an important resource of increased benefits of many multinational enterprises. Many American multinational enterprises have realized that, in order to keep competitive station they must grasp the opportunities of Chinese market. They adopt localization strategy and obtain large amount benefits in host countries by internal trade and price transference. Many of them, Motorola and Wal-mart, for example, have obtained abundant benefits thereout. Statistics show that in 2001, only 5% of income of the 44 listed companies in America came from Chinese market. In 2006, that number has reached 108. Besides, an article in Wall Street Daily announced that in 2007, 80% of American multinational companies in China being interviewed achieved profits while in 1998 nearly one third were in a state of deficit A majority of benefits of processing trade is obtained by American enterprises taking the low added value into consideration. Processing trade accounts for nearly 70% of total Sino-US trade. IPOD, mp3 player, the present starring product of Apple Corporation, is assembled in China. The price of the final finished product is about 265 US dollars. How is the benefit distributed? Chinese companies which assemble them get only about 4 US dollars in profit. The companies which design chip get about 5 US dollars and Apple Corporation gets 65 US dollars in profit. Because of Apple Corp. s success, their stock price increased from 21 US dollars to 64 US dollars within last one year. In Sino-US trade statistics, American trade deficit is increased by 1.5 billion US dollars if import IPOD from China and this leads to an increase of 16 billion US dollars of American domestic wealth. 3.3 Trade deficit has become a powerful weapon of America to open Chinese market As viewed from the situation of past few years, American government seldom required Chinese voluntary export restraints of certain commodities as what has been done with Japan. It put most of its focus on Chinese market access issues. Because America is a powerful service trading country with the largest service trade surplus, it wants to use surplus in service trade to offset deficit in goods trade and gain more benefits along with the opening of Chinese telecommunication and finance market. So America brings forward tough requirements in issues of Chinese service market opening. Furthermore, US dollars obtained by China in high price have returned to America again in the form of buying American bond which equals to the discount loans from other countries. By the end of July 2008, the national debt of 27
4 Vol. 3, No. 12 International Journal of Business and Management the United States hold by China has been up to as much as billion US dollars and has become the second-largest holder of country. It plays an active role in developing US economy and balancing current account deficit. 4. Countermeasures for dealing with unbalanced Sino-US trade 4.1 Adopt the right US trade strategy to promote the smooth development of trade between the two countries Taking development, equality, mutual benefits as the spirit to deal with bilateral economic and trade relations. We should try our best to avoid the economic and trade issues politicized and bear in mind the long-term interests while dealing with bilateral trade issues, U.S. senior negotiators expressed the common desire of Sino-US economic and trade relations in the future through translation in a joint news conference Attach great importance to the role of US interest groups. In an open and pluralistic political framework of the United States, interest groups play a decisive role in US government's decision-making. For example, US government released restrictions on exports of computer standards twice in early 2002 and early This was promoted by over 20 corporations including high-tech giants as Intel, Microsoft and IBM etc. Someone refers American interest groups as the fourth component of the government. So we must strive for the support of friendly American interest groups Communicate positively and understand comprehensively. Promoting free trade accords with Sino-US fundamental and long-term interests. In September 2006, Chinese chairman Mr. Hujintao and American president Mr. Bush initiated mutually the establishment of Sino-US strategic economic dialogue. This is the highest ranking among the existing 20 consultation mechanisms. Till June 2008, China and US have been going on for four strategic economic dialogues with a focus on the long-term and strategic issues in the economic relations and have set up a framework for long-term and steady economic and trade development between the two countries. From this point of view, strategic economic dialogues play an irreplaceable role in promoting healthy development, preventing economic and trade frictions from being politicized and eliminating non-economic factors on the economic and trade barriers. Besides, China and US should actively develop roles of non-governmental organizations as Guild, Chamber of Commerce and so on, fully contact with the US interest groups and let them play a role of bridge and tie in Sino-US trade. 4.2 Develop technology trade, promote US to release export control Sino-US trade has contents of both tangible and intangible trade among which technology transfer, the teaching of technology experience and management have the same features as service trade and the sales of technical equipments have the same features as tangible goods trade. Technology trade plays a greater role in Chinese industrial structure upgrade and is important to the balance of US trade deficit. Technology trade is not only in favor of changing US trade deficit but also conducive to further improving and strengthening the Sino-US trade relations. This is a realistic way out of solving Sino-US trade deficit. In the process of establishing sound, transparent, cost-effective technology market, encouraging every country to carry out fine and open competition in technology export to China, US government will take into account their economic interests and market share which plays an important role in promoting US government to release dual-use technology exports to China. 4.3 Promote the transformation and upgrading of processing trade, and enhance its contribution to China's economic growth At present, China's processing trade has become the main force of economic growth and has occupied half of the total import and export. In recent years, processing trade has been the major source of Chinese foreign trade surplus. In 2006, Chinese foreign trade surplus is billion US dollars among which processing trade surplus accounts for 61.43%. Chinese large trade surplus to US is mainly caused by processing trade. For this reason, Chinese government should guide processing trade by policy measures in order to facilitate the realization of the industrial structure upgrade; improve and standardize the management of deep processing; work out relevant policies to support and guide enterprises to develop overseas processing trade; go high-tech and high added-value path to promote processing trade's contribution to the increase of national economy. 4.4 Encourage enterprises to operate multinationally and support those qualified enterprises to invest in America directly The Government must make great efforts to support enterprises, especially industrial enterprises to invest directly in America and at the same time do a good job of macro-guidance in business consulting and information supply. This will not only avoid trade barriers, significantly reduce trade friction, but also be able to introduce advanced technology and management experiences more effectively and enhance the comprehensive international competitiveness of Chinese enterprises. Acknowledgement This research was supported by Canadian Center of Science and Education (B ). 28
5 International Journal of Business and Management December, 2008 References Blustein & Paul. (2004). U.S. cites China in complaint to WTO. Washington Post, No. 19, pp Craig Elwell. (2006). The US trade deficit: cause, consequences and cures. World Economic Collection, No. 17, pp Jacques Morisset. (2005). Unfair trade: empirical evidence in world commodity markets over the past 25 years. International Business, No. 4, pp James Jackson. (2007). Foreign investment in US securities. CRS Report for Congress Order Code, No. 3, pp Liu, Jianjiang. (2007) Inspiration from interaction of huge U.S. trade deficit with the industrial structure adjustment and low unemployment rate. Contemporary Finance, No. 17, pp Mckinnon Ronald. (2007). The East Asian Dollar Standard. China Economic Review, No.7, pp Michael Spence. (2007). We are all in it together (China and US economies). Wall Street Journal, No. 15, pp Mu, Liangping & Zhang, Jingchun. (2006). Sino-US trade deficit with the United States changes of protection policy. International Economic Review, No. 9, pp Peter K. Yu. (2005). From pirates to partners (episode two): Protecting intellectual property in post-wto China. Beijing: Machineary publishing corp. (Chapter 4). Qi, Guanhua. (2008). Figures of Sino-US trade deficits were misleading: (July 7, 2008). Tang, Renwu. (2005). World economy integration. World Economic Collection, No. 15, pp W. A. Lewis. (2007). World production, prices and trade. Manchester School of Economics and Social Science, No. 20, pp Wang, Jian. (2004). Gold: Effect and countermeasures to dollarization. China Securities News, No. 38, pp Wang, Li. (2007). Analysis of economic and trade relations between China and the United States in the first half of International Economic Cooperation, No. 11, pp Wang, Ping. (2007). Rules of origin problems in processing trade. Economic Finance and Trade, No. 9, pp Wang, Xuekun. (2008) The transition of China's foreign trade development strategy. Internatioinal Trade, No. 5, pp Yin, Xiangshuo. (2006). Trade structure is more important: Unbalanced and asymmetric situation of Chinese dependence degree and import-export trade. Internatioinal Trade, No. 3, pp Zeng, Ka. (2006). Complementary trade structure and U.S.-China negotiations over intellectual property rights. East Asia, No. 20, pp Zhang, Luqing & Wang, Li. (2005). Sino-US trade prospect effected by five hot items. International Business Daily, No. 12, pp
6 Vol. 3, No. 12 International Journal of Business and Management Table 1. Mapping table of trade deficit statistics of China and America (billion US dollar) year Chinese statistics American statistics difference export import balance export import balance
CHINA S HIGH-TECH EXPORTS: MYTH AND REALITY
CHINA S HIGH-TECH EXPORTS: MYTH AND REALITY XING Yuqing EAI Background Brief No. 506 Date of Publication: 25 February 2010 Executive Summary 1. According to an OECD report, in 2006, China surpassed EU-27,
More informationSino-American Textile Trade Balance and Trade Friction
Sino-American Textile Trade Balance and Trade Friction Ningchuan Jiang Carolina Asia Center, UNC.Chapel Hill. NC, 27599, U.S.A Department Economics and Management, Chengdu Textile College, Chengdu 611731,
More informationResearch of the Surplus in Sino-US Trade based on Comparative Advantage YU Mengchen 1, a
2nd International onference on Economy, anagement and Education Technology (IEET 2016 Research of the Surplus in Sino-US Trade based on omparative dvantage YU engchen 1, a 1 Jiangxi college of foreign
More informationHow far away is China from TPP?
How far away is China from TPP? Prof. Dr. Zhang Jianping Abstract China s attitude towards TPP has undergone a fundamental change since 2013, but no matter the seven misunderstanding of TPP before 2013
More informationThe Structure of China's Foreign Trade Imbalances and Coping Strategies
International Journal of Humanities and Social Science Volume 7 Number 5 May 2017 The Structure of China's Foreign Trade Imbalances and Coping Strategies Jin Qian Full-time Ph.D. Student Department of
More informationAnalysis on Financial Support of the Development of China s Economic Transformation in a New Situation
Modern Economy, 2017, 8, 249-255 http://www.scirp.org/journal/me ISSN Online: 2152-7261 ISSN Print: 2152-7245 Analysis on Financial Support of the Development of China s Economic Transformation in a New
More informationDrivers of Chinese Outward Foreign Direct Investment and the Location Choice Ling-fang WU
2017 4th International Conference on Economics and Management (ICEM 2017) ISBN: 978-1-60595-467-7 Drivers of Chinese Outward Foreign Direct Investment and the Location Choice Ling-fang WU School of Economic
More informationChinese Listed Companies Preference to Equity Fund: Non-Systematic Factors
Chinese Listed Companies Preference to Equity Fund: Non-Systematic Factors Hao Zeng (Corresponding author) School of Management, South-Central University for Nationalities Wuhan 430074, China E-mail: zenghao1011@163.com
More informationAnalysis of Utilization of Foreign Direct Investment in China
Journal of Finance and Investment Analysis, vol. 2, no.4, 2013, 1-11 ISSN: 2241-0998 (print version), 2241-0996(online) Scienpress Ltd, 2013 Analysis of Utilization of Foreign Direct Investment in China
More informationAn Analysis of the Hong Kong Economy after the Financial Crisis
808 Proceedings of the 7th International Conference on Innovation & Management An Analysis of the Hong Kong Economy after the Financial Crisis Cao Hongliu School of Management, Guangdong University of
More informationResource Distribution and Trade
International Trade Resource Distribution and Trade Each country of the world possesses different types and quantities of land, labor, and capital resources. By specializing in the production of certain
More informationResearch on Optimization Direction of Industrial Investment Structure in Inner Mongolia, the West of China
Research on Optimization Direction of Industrial Investment Structure in Inner Mongolia, the West of China Bing Zhao, Jinpeng Liu & Ning Wang College of Business Administration, North China Electric Power
More informationA Brief Discussion on Legal Guarantee of Industry Security in Foreign Capital Merger and Acquisition
A Brief Discussion on Legal Guarantee of Industry Security in Foreign Capital Merger and Acquisition Bingyu Liu School of Law, Minzu University of China Beijing 100081, China E-mail: gloria5885@126.com
More informationEUROPEAN UNION SOUTH KOREA TRADE AND INVESTMENT 5 TH ANNIVERSARY OF THE FTA. Delegation of the European Union to the Republic of Korea
EUROPEAN UNION SOUTH KOREA TRADE AND INVESTMENT 5 TH ANNIVERSARY OF THE FTA 2016 Delegation of the European Union to the Republic of Korea 16 th Floor, S-tower, 82 Saemunan-ro, Jongno-gu, Seoul, Korea
More informationChinese Outward Investment: Acceleration Features the U.S.
ISSUE BRIEF No. 3656 Chinese Outward Investment: Acceleration Features the U.S. Derek Scissors, PhD Chinese investment could be a global economic force for decades to come. The potential was underlined
More informationInternational Trade ECO3111
International Trade ECO3111 Some facts and questions about trade Chapter 1 Introduction How are trade patterns determined? Why does China export ipods to the USA? Why does Canada export wheat to Europe?
More informationInvestment Liberalization Success Story: The Case of Korea
Investment Liberalization Success Story: The Case of Korea Yunjong Wang Director Department of International Macroeconomics and Finance Korea Institute for International Economic Policy March 2002 Korea
More informationAnalysis of the Employment Promotion Function of China s Unemployment Insurance System
Journal of Advanced Management Science Vol. 1, No. 4, December 2013 Analysis of the Employment Promotion Function of China s Unemployment Insurance System Yinzuo Tang and Lianrong Zhao School of Humanities
More informationTrade Frictions China Facing
Trade Frictions China Facing Yang Zhimin CECHIMEX-CASS,ILAS 2010.10.20 Main Contents Do you know China well? The Economic Performance that China Has Achieved China s Foreign Trade Trade Frictions China
More informationCHINA COMSERVICE ANNOUNCES 2014 INTERIM RESULTS
Press Release For Immediate Release CHINA COMSERVICE ANNOUNCES 2014 INTERIM RESULTS HIGHLIGHTS: Overall steady operating results achieved; total revenues were RMB33,743 million, up by 4.3%. Profit attributable
More informationExpectations versus Reality of Pakistan China FTA
MPRA Munich Personal RePEc Archive Expectations versus Reality of Pakistan China FTA Dawood Mamoon University of Islamabad 17 October 2017 Online at https://mpra.ub.uni-muenchen.de/82012/ MPRA Paper No.
More informationJapan-ASEAN Comprehensive Economic Partnership
Japan- Comprehensive Economic Partnership By Dr. Kitti Limskul 1. Introduction The economic cooperation between countries and Japan has been concentrated on trade, investment and official development assistance
More informationGame Theory Analysis on Accounts Receivable Financing of Supply Chain Financing System
07 3rd International Conference on Management Science and Innovative Education (MSIE 07) ISBN: 978--60595-488- Game Theory Analysis on Accounts Receivable Financing of Supply Chain Financing System FANG
More informationAnalysis and Reference of the Profit Structure of MTR
European Business & Management 2018; 4(3): 92-100 http://www.sciencepublishinggroup.com/j/ebm doi: 10.11648/j.ebm.20180403.15 ISSN: 2575-579X (Print); ISSN: 2575-5811 (Online) Case Report Analysis and
More informationTrend of Foreign Direct Investment in Pakistan ( )
Trend of Foreign Direct Investment in Pakistan (1971-2005) Muhammad Azam, Naeem-ur-Rehman Khattack Abstract The present study was conducted with the broad aims to analyze the trend, pattern and benefits
More informationComparative Analysis of Export Similarity Index between China and EU Pei-Zhi Wang 1,a, Xiao-Jing Liu 2,b,*
International Conference on Management Science and Management Innovation (MSMI 2015) Comparative Analysis of Export Similarity Index between China and EU Pei-Zhi Wang 1,a, Xiao-Jing Liu 2,b,* 1,2 Shandong
More informationRui Li 1. Keywords: Capital Market, QDII, Chinese Enterprises, Overseas Investment, Risk, Perspective.
2016 3 rd International Symposium on Engineering Technology, Education and Management (ISETEM 2016) ISBN: 978-1-60595-382-3 Analysis on the Pathway of Implementation of QDII and Chinese Enterprises Overseas
More informationAnalysis of the existing problems for attracting inward foreign direct investment in Shanghai Ying Zhu
International Conference on Education Technology and Social Science (ICETSS 2014) Analysis of the existing problems for attracting inward foreign direct investment in Shanghai Ying Zhu School of Business
More informationINDUSTRY OVERVIEW SOURCE OF INFORMATION
3rd Sch3 The information presented in this section is, including certain facts, statistics and data, derived from the CIC Report, which was commissioned by us and from various official government publications
More informationResearch on the Utilization of Foreign Direct Investment in Xinjiang Uygur Autonomous Region of China
SCITECH Volume 5, Issue 4 RESEARCH ORGANISATION March 8, 2016 Journal of Research in Business, Economics and Management www.scitecresearch.com Research on the Utilization of Foreign Direct in Xinjiang
More informationA Research on Development and Legalization of Non-governmental Financing in Jilin Province
A Research on Development and Legalization of Non-governmental Financing in Jilin Province Zhenghong Che School of Economics and Management Changchun University of Science and Technology Changchun 130022,
More informationIndia s relative Prospects for Global Development through FDI
India s relative Prospects for Global Development through FDI ABSTRACT -Prof. Rahul Bishnoi Foreign Direct Investment is an investment directly into the economy of a country by another country. It is also
More informationAppendix A Specification of the Global Recursive Dynamic Computable General Equilibrium Model
Appendix A Specification of the Global Recursive Dynamic Computable General Equilibrium Model The model is an extension of the computable general equilibrium (CGE) models used in China WTO accession studies
More informationCHAPTER 16 International Trade
PART 6: INTERNATIONAL ECONOMICS CHAPTER 16 International Trade Slides prepared by Bruno Fullone, George Brown College Copyright 2010 McGraw-Hill Ryerson Limited. 1 In This Chapter You Will Learn Learning
More informationKorean Economic Trend and Economic Partnership between Korea and China
March 16, 2012 Korean Economic Trend and Economic Partnership between Korea and China Byung-Jun Song President, KIET Good evening ladies and gentlemen. It is a great honor to be a part of this interesting
More informationAsia Pacific Insurance Survey
Asia Pacific Insurance Survey The twin forces reshaping the industry Executive edition July 2017 This document is for investment professionals only and should not be distributed to or relied upon by retail
More informationVolume 2, Issue 2, February 2014 International Journal of Advance Research in Computer Science and Management Studies
Volume 2, Issue 2, February 2014 International Journal of Advance Research in Computer Science and Management Studies Research Article / Paper / Case Study Available online at: www.ijarcsms.com Foreign
More informationAdjusted China-US Trade Balance. Lawrence J. Lau, Xikang Chen and Yanyan Xiong 1. February Abstract
Adjusted China-US Trade Balance Lawrence J. Lau, Xikang Chen and Yanyan Xiong 1 February 2017 Abstract Significant differences exist between official Chinese and U.S. trade statistics on the magnitudes
More informationResearch on Value Assessment Methods of the NEWOTCBB Listed Company
International Business and Management Vol. 10, No. 2, 2015, pp. 38-42 DOI:10.3968/6755 ISSN 1923-841X [Print] ISSN 1923-8428 [Online] www.cscanada.net www.cscanada.org Research on Value Assessment Methods
More informationPOST-CRISIS GLOBAL REBALANCING CONFERENCE ON GLOBALIZATION AND THE LAW OF THE SEA WASHINGTON DC, DEC 1-3, Barry Bosworth
POST-CRISIS GLOBAL REBALANCING CONFERENCE ON GLOBALIZATION AND THE LAW OF THE SEA WASHINGTON DC, DEC 1-3, 2010 Barry Bosworth I. Economic Rise of Asia Emerging economies of Asia have performed extremely
More informationCHINESE INVESTMENT IN ECONOMIC DEVELOPMENT OF BAIKAL REGION OF RUSSIA *
Journal of Business Management and Research (JBMR) ISSN(P): 2250-2343; ISSN(E): Applied Vol. 5, Issue 1, Jun 2015, 33-38 TJPRC Pvt. Ltd. CHINESE INVESTMENT IN ECONOMIC DEVELOPMENT OF BAIKAL REGION OF RUSSIA
More informationChinese Culture and Recent Economic Development ( Part II) By Dr. Ming Men Visiting Fulbright Scholar
Chinese Culture and Recent Economic Development ( Part II) By Dr. Ming Men Visiting Fulbright Scholar Chinese Culture and Recent Economic Development China s Economic transition China s Economic Developments
More informationResearch on Influence Factors of Enterprise M&A Payment Mode Selection Qiuheng TAN
3rd International Conference on Education, Management, Arts, Economics and Social Science (ICEMAESS 2015) Research on Influence Factors of Enterprise M&A Payment Mode Selection Qiuheng TAN Guosen Securities
More informationChinese Economy. YU Jianwei Commercial Counsellor Chinese Consulate General in Toronto
Chinese Economy YU Jianwei Commercial Counsellor Chinese Consulate General in Toronto Chinese Economy Slowing down or Picking up Growth 7.7% (first 3 months) 7.5% in April-June Slowest in 13 years Economic
More informationThe Impact and Countermeasures of Foreign Multinational Investment in Shandong Province of Industry Safety
International Journal of Humanities Social Sciences and Education (IJHSSE) Volume 4, Issue 5, May 2017, PP 52-56 ISSN 2349-0373 (Print) & ISSN 2349-0381 (Online) http://dx.doi.org/10.20431/2349-0381.0406007
More informationChina-US Trade Disputes (I)
China-US Trade Disputes (I) Fung Business Intelligence 14 March 2018 An update on China-US trade disputes 1. Recent US moves have worsened China-US trade relations In November last year, the US officially
More informationU.S. Trade Deficit with China: A Much Exaggerated Statistics Index Under Complex Supply Chain Jing-yuan JIANG
2017 2nd International Conference on Modern Economic Development and Environment Protection (ICMED 2017) ISBN: 978-1-60595-518-6 U.S. Trade Deficit with China: A Much Exaggerated Statistics Index Under
More informationThe Outlook. The new Labor Pension Scheme should allow participants to choose their own investment targets
Recommendations on the Labor-Choice Product Platform under the New Labor Pension Scheme Dr. Jennifer Wang Head of Department of Risk Management and Insurance National Cheng-Chi University Vice Chairman
More informationAnalysis of the Coordination of International Policies Based on the Mundell-Fleming Model
Analysis of the Coordination of International Policies Based on the Mundell-Fleming Model Rui Cui & Wen Fang School of Economics and Management, Changchun University of Science and Technology Changchun
More informationThe expansion of the U.S. economy continued for the fourth consecutive
Overview The expansion of the U.S. economy continued for the fourth consecutive year in 2005. The President has laid out an agenda to maintain the economy's momentum, foster job creation, and ensure that
More informationRegional Initiatives. Unveiling the Trans-Pacific Partnership: An Analysis of the Full Text. Y. Dong, Q. Su
Regional Initiatives REGIONAL INITIATIVES Unveiling the Trans-Pacific Partnership: An Analysis of the Full Text Y. Dong, Q. Su Yan Dong PhD, Director and Senior Fellow, Department of International Trade,
More informationProblems and Countermeasures of Chinese Finance Boosting Transformation of Small and Medium Enterprises
International Journal of Finance and Accounting 2013, 2(8): 422-427 DOI: 10.5923/j.ijfa.20130208.04 Problems and Countermeasures of Chinese Finance Boosting Transformation of Small and Medium Enterprises
More informationIntroduction to Economics. MACROECONOMICS Chapter 6 International Economics
Introduction to Economics MACROECONOMICS Chapter 6 International Economics contents 6.1 6.2 6.3 6.4 6.5 6.6 Theory of Comparative Advantage Gains from International Trade Trade Barriers Balance of Payments
More informationNIELSEN: HONG KONG EXPERIENCES HIGHEST RISE IN CONSUMER CONFIDENCE AMONG 29 COUNTRIES SURVEYED IN THE FOURTH QUARTER
The Nielsen Company www.nielsen.com News Release FOR IMMEDIATE RELEASE CONTACT: Acky Chan Tel: (852) 2856 7337 / 9223 5793 Email: acky.chan@nielsen.com NIELSEN: HONG KONG EXPERIENCES HIGHEST RISE IN CONSUMER
More informationEast Asia s Foreign Exchange Rate Policies
Order Code RS22860 April 10, 2008 East Asia s Foreign Exchange Rate Policies Summary Michael F. Martin Analyst in Asian Trade and Finance Foreign Affairs, Defense, and Trade Division The economies of East
More informationDETERMINANTS OF BILATERAL TRADE BETWEEN CHINA AND YEMEN: EVIDENCE FROM VAR MODEL
International Journal of Economics, Commerce and Management United Kingdom Vol. V, Issue 5, May 2017 http://ijecm.co.uk/ ISSN 2348 0386 DETERMINANTS OF BILATERAL TRADE BETWEEN CHINA AND YEMEN: EVIDENCE
More informationKeynote Address: A Diplomat's Economics Falls Short: Lessons for Development from the Uruguay Round
Journal of Civil Rights and Economic Development Volume 17 Issue 3 Volume 17, Spring 2003, Issue 3 Article 6 March 2003 Keynote Address: A Diplomat's Economics Falls Short: Lessons for Development from
More informationINTERNATIONAL TRADE. Xie, Yiqing
INTERNATIONAL TRADE Xie, Yiqing LECTURE 7 IMPORT TARIFFS AND QUOTA UNDER PERFECT COMPETITION Introduction A Brief History of the World Trade Organization The Gains from Trade Import Tariffs for a Small
More informationVolume Author/Editor: Takatoshi Ito and Anne O. Krueger, Editors. Volume URL:
This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Financial Deregulation and Integration in East Asia, NBER-EASE Volume 5 Volume Author/Editor:
More informationChina Law Update February 2007
China Law Update February 2007 table of contents In this issue of China Law Update, we summarize three important new laws that were enacted in late 2006 and took effect on January 1, 2007. Together, the
More informationPP5183: Globalization, Trade, International Finance
PP5183: 10 13. Globalization, Trade, International Finance LKY School of Public Policy Danny Quah 2016 2017 Sem 2 OUTLINE 1. Trade and Comparative Advantage 2. Balance of Payments 3. Conclusion Policy
More informationRIDING THE CHINA WAVE: HKEX S GROWTH STRATEGIES IN THE EXCHANGES ARENA
A MEMBER OF THE UNIVERSITY OF HONG KONG GROUP 香港大學機構成員 AMY YIP ROY ZHOU RIDING THE CHINA WAVE: HKEX S GROWTH STRATEGIES IN THE EXCHANGES ARENA Our vision at HKEx is to reshape the global market landscape
More informationEstablishing a Sovereign Wealth Fund for Israel as Part of a Mechanism for Dealing with the Forces Supporting Appreciation of the Shekel
Finance & Economics Division December 10, 2013 Department of Economics Establishing a Sovereign Wealth Fund for Israel as Part of a Mechanism for Dealing with the Forces Supporting Appreciation of the
More informationWorksheet 5 Hong Kong: From Entrepot to International Financial Centre
S1 IH A Brief History of Hong Kong 23 IH Worksheet 5 Hong Kong: From Entrepot to International Financial Centre Over the last two centuries, the world has undergone a lot of changes and so has Hong Kong.
More informationThe Effect of Chinese Monetary Policy on Banking During the Global Financial Crisis
27 The Effect of Chinese Monetary Policy on Banking During the Global Financial Crisis Prof. Dr. Tao Chen School of Banking and Finance University of International Business and Economic Beijing Table of
More informationReform of Global Reserve System and China s Choice 1
Reform of Global Reserve System and China s Choice 1 Liqing Zhang Professor and Dean, School of Finance, Central University of Finance and Economics, Beijing Email: zhlq@cufe.edu.cn 1. Why the Regime should
More informationChairman s Statement SYNOPSIS. Chairman. Meng Zhao Yi Ph.D.
Chairman s Statement Meng Zhao Yi Ph.D. Chairman SYNOPSIS Having suffered tremendous shocks from a chain of catastrophe events during 2011, 2012 ( the Year ) witnessed both opportunities and challenges
More informationTRADE AND INVESTMENT. Introduction. Trade. A shift toward horizontal trade
Web Japan http://web-japan.org/ TRADE AND INVESTMENT A shift toward horizontal trade Automobiles ready for export (Photo courtesy of Toyota Motor Corporation) Introduction Accelerating economic globalization
More informationRisk analysis and countermeasures for international trade under the economic downturn pressure Fang Fengxia
5th International Conference on Social Science, Education and Humanities Research (SSEHR 2016) Risk analysis and countermeasures for international trade under the economic downturn pressure Fang Fengxia
More informationResearch on the Synergy Effect of Cross-border Mergers and. Acquisitions in High-tech Enterprises in Shanghai. Yuzhu FENG
Joint International Social Science, Education, Language, Management and Business Conference (JISEM 2015) Research on the Synergy Effect of Cross-border Mergers and Acquisitions in High-tech Enterprises
More informationChina s Trade in Crisis
China s Trade in Crisis Alyson C. Ma (University of San Diego) Ari Van Assche (HEC Montréal, CIRANO and LICOS) 1. Introduction In December 2008, China celebrated the thirtieth anniversary of reforming
More informationHong Kong & Mainland China News December-2018
Hong Kong & Mainland China News December-2018 China's import-export value passes 2017 level By www.news.rthk.hk Saturday, December 1, 2018 The total value of China s imports and exports already exceeded
More informationRMB Internationalization Status and Its Implications
International Finance RMB Internationalization Status and Its Implications Hansoo Kim, Research Fellow* 1) China announced the RMB internationalization policy in 2009 and has carried forward many initiatives
More informationNot Really 'Made in China'
Dow Jones Reprints: This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers, use the Order Reprints tool at
More informationThe Impact of the Global Crisis on China and its Reaction (ARI)
The Impact of the Global Crisis on China and its Reaction (ARI) Ming Zhang * Theme: The current global financial crisis is having a significant negative impact on the Chinese economy. Summary: The current
More informationTable 3: The Growth of Macro Economy in Asian Countries in 2005 and the estimation of 2006
INTERNATIONAL ECONOMY Asia remain to be the center of the world economic growth, particularly Southeast Asia and East Asia, which held 7.5% growth in 2005, compared to the economic growth in developed
More informationTHE IMPACT ON THE TAIWANESE ECONOMY FROM THE EMERGENCE OF MAINLAND CHINA
THE IMPACT ON THE TAIWANESE ECONOMY FROM THE EMERGENCE OF MAINLAND CHINA Wang Wen-Thuen Chung-Hua Institute for Economic Research There is as yet no consensus among economists as to whether the relationship
More information45% of Swiss respondents expect their profits in China to be higher or substantially higher than in % expect lower profits.
P R E S S R E L E A S E Year of the Monkey: Swiss managers in China remain confident Despite a strong Swiss Franc and slowing GDP growth, Swiss managers in China remain confident: 58% expect higher or
More informationThe Japan-Thailand Economic Partnership Agreement: Utilization and Implementation Issues from the Perspective of Thailand *
18 TDRI Quarterly Review Vol. 24 No. 2 The Japan-Thailand Economic Partnership Agreement: Utilization and Implementation Issues from the Perspective of Thailand * Somkiat Tangkitvanich Taratorn Ratananarumitsorn
More informationYen and Yuan RIETI, Tokyo
Yen and Yuan RIETI, Tokyo November 2, 21 In the first half of his talk, Dr. Kwan, senior fellow at RIETI, argued that Asian currencies should be pegged to a currency basket, with the Japanese yen comprising
More informationReceived: 4 September Revised: 9 September Accepted: 19 September. Inflow of Foreign Direct Investment in India: An Analysis
Abstract Inflow of Foreign Direct Investment in India: An Analysis Amandeep Kaur* Researcher Department of Economics Punjabi University Patiala Foreign direct investment is a major source of finance in
More informationThe Research on Financial Leasing and China s Small Micro Enterprises
International Business and Management Vol. 5, No. 1, 2012, pp. 33-37 DOI:10.3968/j.ibm.1923842820120501.Z0159 ISSN 1923-841X [Print] ISSN 1923-8428 [Online] www.cscanada.net www.cscanada.org The Research
More information1. Record levels of American outward foreign direct investment from 2000 to 2009,
Chapter 02 International Trade and Foreign Direct Investment True / False Questions 1. Record levels of American outward foreign direct investment from 2000 to 2009, totaling more than $2 trillion, caused
More informationThe cross-strait Economic relations after the Global Financial Crisis. Tristan Liu. Taiwan Institute of Economic Research
The cross-strait Economic relations after the Global Financial Crisis Tristan Liu Taiwan Institute of Economic Research 1. Historical Pattern China-Taiwan trade relations during late 90s to mid 00s have
More informationAll the BRICs dampening world trade in 2015
Aug Weekly Economic Briefing Emerging Markets All the BRICs dampening world trade in World trade in has been hit by an unexpectedly sharp drag from the very largest emerging economies. The weakness in
More informationAnalysis on Voluntary Disclosure of Accounting Information for Listed Companies in China
International Business and Management Vol. 9, No. 1, 2014, pp. 143-148 DOI:10.3968/5419 ISSN 1923-841X [Print] ISSN 1923-8428 [Online] www.cscanada.net www.cscanada.org Analysis on Voluntary Disclosure
More informationChina s Industrial Policies Hurting U.S. Industries and Workers
China s Industrial Policies Hurting U.S. Industries and Workers By Gary Feuerberg Epoch Times Staff WASHINGTON A sense of dread filled the hearing room on Capitol Hill as China trade experts contemplated
More informationOn the Improvement of China s Legal System of Foreign Direct Investment
Journal of Politics and Law; Vol. 8, No. 4; 2015 ISSN 1913-9047 E-ISSN 1913-9055 Published by Canadian Center of Science and Education On the Improvement of China s Legal System of Foreign Direct Investment
More informationRegional Monetary Cooperation in East Asia against Asymmetric Responses to the US Dollar Depreciation 1)
THE JOURNAL OF THE KOREAN ECONOMY, Vol. 5, No. 2 (Fall 2004), Regional Monetary Cooperation in East Asia against Asymmetric Responses to the US Dollar Depreciation 1) Eiji Ogawa In this paper we consider
More informationWTO ACCESSION AND FINANCIAL REFORM IN CHINA Justin Yifu Lin
WTO ACCESSION AND FINANCIAL REFORM IN CHINA Justin Yifu Lin After years of endless efforts, China has achieved agreements with almost all the World Trade Organization (WTO) members, which requested to
More informationStatement to the House of Commons Standing Committee on International Trade
Statement to the House of Commons Standing Committee on International Trade Regarding the Canada-Korea Free Trade Agreement Ailish Campbell, Vice President, Policy, International and Fiscal Issues Mr.
More informationTHE MULTINATIONAL COMPANIES AND THE LOW-COST MARKETS OF SOUTH- EAST ASIA
THE MULTINATIONAL COMPANIES AND THE LOW-COST MARKETS OF SOUTH- EAST ASIA Diaconu Laura Alexandru Ioan Cuza University Iaşi Faculty of Economics and Business Administration Carol I Avenue, no. 22, Iaşi,
More informationInvestment in the Chinese equity
Page 1 of 7 Investment in the Chinese equity market China is becoming one of the world's largest economies. Nevertheless, only a negligible portion of the Petroleum Fund is invested in Chinese companies.
More informationFinancing the U.S. Trade Deficit
Order Code RL33274 Financing the U.S. Trade Deficit Updated January 31, 2008 James K. Jackson Specialist in International Trade and Finance Foreign Affairs, Defense, and Trade Division Financing the U.S.
More informationMapping the Journey of CDO Firms in Asia and Beyond. A paper by: Deanna Horton and Jonathan Tavone Munk School of Global Affairs
0 Mapping the Journey of CDO Firms in Asia and Beyond A paper by: Deanna Horton and Jonathan Tavone Munk School of Global Affairs March 31, 2016 1 Introduction The original research for this project was
More informationTaxation Systems on Taiwan Outward Investment in China
Taxation Systems on Taiwan Outward Investment in China Der-cherng Lo Department of Public Finance National Chengchi University January 2008 Contents of presentation I. Introduction II. Current regulations
More informationA Century of History A Global Service
A Century of History A Global Service Bank of China Limited 2012 Interim Results August 24, 2012 Forward-looking Statement Disclaimer This presentation and subsequent discussions may contain forward-looking
More informationCRS Report for Congress
CRS Report for Congress Received through the CRS Web Order Code RS21951 October 12, 2004 Changing Causes of the U.S. Trade Deficit Summary Marc Labonte and Gail Makinen Government and Finance Division
More informationUnder the CAFTA development: China-Thailand Two ways FDI analysis. By Romchat Jantranugul( 张英若 ) From UIBE, China Phd.candidate
Under the CAFTA development: China-Thailand Two ways FDI analysis By Romchat Jantranugul( 张英若 ) From UIBE, China Phd.candidate Contents CAFTA regional cooperation & new growth China-Thai Trade effect &
More informationTALKING Points. FDI in China s Middle Enterprise Sector. Lim Lee Meng RSM Chio Lim
TALKING Points FDI in China s Middle Enterprise Sector Lim Lee Meng RSM Chio Lim July 2008 July 2008 TALKING Points Inbound foreign direct investment in China, a sphere long dominated by large multinationals,
More information